by Mish Shedlock, Mish Talk:
The following chart shows federal debt vs population growth. It’s a vivid reminder of the unwillingness of Congress and either party to put an end to unrestrained spending.
Federal Debt Chart Notes
- Debt is for fiscal years. 2023 added manually.
- Population is the civilian noninstitutional population for a calendar year.
- The civilian noninstitutional population is defined as persons 16 years of age and older residing in the 50 states and the District of Columbia, who are not inmates of institutions (e.g., penal and mental facilities, homes for the aged), and who are not on active duty in the Armed Forces.
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- Yellow highlights are years just prior to recession years.
Federal Debt vs Population 1992 vs Now
- In 1992, the federal debt was $4.027 trillion. The population was 192.805 million.
- At the end of 2023, federal debt was $32.690 trillion and the population was 266.942 million.
- Between 2019 and 2023, the federal debt rose by 45.3 percent. The population rose by 3.0 percent.
Percentage Change in Debt and Population
In the last four years, the percentage increase in population was 3.0 percent. The percentage in crease in debt was 45.3 percent.
Increase in Debt Relative to Increase in Population
With every recession, the increase in debt relative to population goes up. And what about employment?
Over 100% of the Increase in Employment Since 2020 is Foreign Born
US-born employment is lower now than it was in January of 2020. Foreign-born workers make up over 100 percent of the employment gains.
For discussion, please see Over 100% of the Increase in Employment Since 2020 is Foreign Born
Bidenomics is largely a matter of increasing debt at the highest rates ever.
Cost of Biden’s Energy Policies
The cost estimate of Biden’s Inflation Reduction Act coupled with EPA mandates, just jumped by $466 billion.
Please note The CBO Revised the Cost of Biden’s Energy Policies Up by $466 Billion
Fiscal recklessness is not just Democrats.
Republicans agreed to expand child tax credits that will cost $1.5 trillion over 10 years.
